Utility companies like Propane, Heating oil and Gas exploration industries are the backbone of American energy industry. These fuels are used for heating, transportation, cooking, hot water, refrigerants, aerosol propellants and vehicles. There are a variety of companies involved in the production, marketing, storage, fabrication of tanks, distributors and transportation of these fuels.
Propane, Oil and Gas companies often face severe cash flow issues due to a large number of accounts receivable. These past-due receivables can be several unpaid B2B or B2C bills. Recovering money on these delinquent accounts can become extremely tough if adequate measures are not taken on time.
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Strong recovery actions are required on accounts that become over 90 days past due. This is where a debt collection agency with extensive experience in the energy sector steps in and recovers maximum money in a cost-effective manner. Collection agencies are experts in recovering from even those hard to collect accounts receivable.
The outstanding debts for the Oil, Gas and Propane industries can be both B2B and B2C in nature. Therefore it is important to hire a collection agency that performs both consumer and commercial collections.
Cost of Debt Collections:
Commercial collections are contingency fee-based. The cost varies between 20% to 40% depending on the outstanding amount and age of the debt. In contingency collections, if an agency does not collect, they do not get paid. No recovery-No-Fees.
Consumer collection includes low-cost debt collection demands for an average of $15 per account. For debt collector calls, contingency rates of around 40% apply.
Contingency fees for filing a legal suit costs between 35% and 50%.
A collection agency will advise you which is the best and most cost-effective service to recover money. If the balance on accounts is high, lower collection fees can be negotiated. Your energy and propane collection agency should maximum recovery for an optimum cost.
Contact us if you need a collection agency with experience in recovering money for utility companies like propane, heating oil and gas industries.